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we have four years without a budget, three yearsithout a budget -- three yes with a trillion dollar deficit. so we are talking about a problem that needs to be solved with massive spending cuts on the table. neil: i don't know what is really happening behind the scenes. but i do know that these overtures and hands that you get from the white house that the president is open and willing to consider spending cuts -- i don't know what the truth is. the other thing on this middle ground, the tax thing -- letting e difference of 37 or 38%. giving the appearance that there is a middle ground being found here, do you believe that? >> if you look at the middle ground and what is reported, they are giving specifics on taxes, but not stunning. they are saying that those tax cuts will happen 10 to 20 years from now. th is saying that congress at that time, 10 years from now, is going to agree with the spending cuts. listen, we are in this situation because coogress could not even agree on spending cuts you way when the sequester was going into effect and they failed as a super committee in november. t
we have four years without a budget, three yearsithout a budget -- three yes with a trillion dollar deficit. so we are talking about a problem that needs to be solved with massive spending cuts on the table. neil: i don't know what is really happening behind the scenes. but i do know that these overtures and hands that you get from the white house that the president is open and willing to consider spending cuts -- i don't know what the truth is. the other thing on this middle ground, the tax...
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we need to do something about the deficit. going over the fiscal cliff is the best thing we're going to get out of washington in terms of serious production to the deficit. we will suffer, but we got ourselves into this. we're not going to get out without some pain. i think we are going to go over the cliff. >> let me quickly say i don't favor going over the cliff, but howe regard is right. if you're worried about the deficit, the easiest way is to go over the cliff. you have increases right away. >> yeah. >> can i ask you, though, how can you guarantee e that all the extra tax hikes and provisions actually go towards paying the national debt and not more spending and more programs? >> you can't guarantee that but you have a conservative republican congress. they are not going to vote for any spending increase. why not take advantage of that and make the initial cuts and let them go into a stalemate for awhile. that's a pretty big amount. my sges that provides the certainty. we go back to the clinton tax rates. and we make sig
we need to do something about the deficit. going over the fiscal cliff is the best thing we're going to get out of washington in terms of serious production to the deficit. we will suffer, but we got ourselves into this. we're not going to get out without some pain. i think we are going to go over the cliff. >> let me quickly say i don't favor going over the cliff, but howe regard is right. if you're worried about the deficit, the easiest way is to go over the cliff. you have increases...
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as a result, my pred ases sors built up a deficit that wasn't reported as part of the deficit i dealt with. >> the bus is running over and other and over. >> it was a series, this happened over a 20-year period time. >> right. >> you don't report under gap. you extend the fiscal year for income out but shorten it for payments or income in, payments out. you do all kind of crazy things. enter into a 20-year transaction for state employees that guarantee benefits, tieing the hands of future administrations. lots of crazy things happen when there are no rules. for a long time, there were no rules. >> not to mention, you use a credit discount rate for pension, liabilities. i will say, first states have cut spending but they have to cut way more according to to gao, they have to cut at least 13% every year. their reason is, one of the things we should not forget is one of the things we should do when times are good is actually save money. >> yes. >> it's not what states have done. when time was good, they were spending, spending, spending and spending. in fact, states, when private gdps gr
as a result, my pred ases sors built up a deficit that wasn't reported as part of the deficit i dealt with. >> the bus is running over and other and over. >> it was a series, this happened over a 20-year period time. >> right. >> you don't report under gap. you extend the fiscal year for income out but shorten it for payments or income in, payments out. you do all kind of crazy things. enter into a 20-year transaction for state employees that guarantee benefits, tieing...
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. >> absolutel >> and that is increasing and guess what, that adds up to the deficit, right? >> david, the probl is deeper than what you are describing. this goes back decades. when you look at entitlement spending over the last half century, it has steadily crept up four percent every year and that incdes adjustments for population growth. so what then? you increaseaxes four percent every year? that is absurd. at some point we need both parties to come together and tax this entitlement creep. we mention obama ape lot. he hasn't helped the numbers. but when you look at enment spending it goes up under a republican president. he can go in this and blame the republicans. >> i didt know there was a entitlement creep. maybe i got you wrorong. >> it is i an itch. >> and john, what about this. we have a budget if you can call it a budget that includes tax increases and no cuts at all from our treasury security. >> the tax increase aspect is ridickulous. we have a spending problem . you look at entitlements. i think it is i i don't they should exist. we did make promises and so the
. >> absolutel >> and that is increasing and guess what, that adds up to the deficit, right? >> david, the probl is deeper than what you are describing. this goes back decades. when you look at entitlement spending over the last half century, it has steadily crept up four percent every year and that incdes adjustments for population growth. so what then? you increaseaxes four percent every year? that is absurd. at some point we need both parties to come together and tax this...
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bub it is not part -- but it's not part of the current deficit issue at all. separate issue. you may call it premium the medicare program and tosses it over to the private health insurance companies. i have worked with the private health insurance companies for a long, long -- >> it's not true. >> sorry, it does happen to be what the premium support is all about. you are supporting the premium for private health insurance companies. call it vouch every or premium support. in either case it terminates the medicare as we know it. that is a problem for seniors. >> we are leaving on many point of disagreement, not agreement. we know you have a lot of work to do on the hill. we thank you for taking time out for us today. we wish you beth to find abcompromise. >> thank you. >> thank you, shannon. >> this is a fox news alert. nine militants and at least five afghans are reportedly dead after a fire fight at an air base in american afghanistan that lasted more than two hours. officials say two suicide bombers detonated explosives outside the base that helicopters fired on them. they
bub it is not part -- but it's not part of the current deficit issue at all. separate issue. you may call it premium the medicare program and tosses it over to the private health insurance companies. i have worked with the private health insurance companies for a long, long -- >> it's not true. >> sorry, it does happen to be what the premium support is all about. you are supporting the premium for private health insurance companies. call it vouch every or premium support. in either...
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even if you accept that larger number, the deficit is $1.5 trillion so, even if the republicans raise the you are giving $90 billion. where are you going to get the rest of it? it will have to come from entitlement reform and meaning spending cuts. >> it's coming from loopholes. i think we can. >> he criticized governor romney's plan based on the premise there is not enough revenue in the loop homes. he has agreed to the flame work, revenues or the table. we will give you $800 billion. that is great starting point. president has insulted republicans who are going out on the limb by wanting to be more pragmatic about this by coming to the congress which even among the most liberal writers in it is not a serious proposal. the reality it has to be some point spending becomes the conversation, not revenue. >> we have given quite a bit up. we have given up $2.5 trillion. >> you gave up 2.5 in budget gimmicks. things that were going to end anyway. >> boehner and cantor do not want to tax the wealthy donors. that is what it comes down to. are we going to balance this budget? it's the engine
even if you accept that larger number, the deficit is $1.5 trillion so, even if the republicans raise the you are giving $90 billion. where are you going to get the rest of it? it will have to come from entitlement reform and meaning spending cuts. >> it's coming from loopholes. i think we can. >> he criticized governor romney's plan based on the premise there is not enough revenue in the loop homes. he has agreed to the flame work, revenues or the table. we will give you $800...
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we are in a deficit situation, as people have been discussing the past several weeks so there are potential in congress for the house and senate members. >> eric: billions of dollars. of taxpayers money that goes to the u.n. ambassador bolton, thank you for your insight. >> guest: thank you, eric. >> jamie: a fox news extreme weather alert. flood in effect for the west coast. yet another storm is approaching. folks are preparing for worst. severe weather threatening to bring more rain to an area that is already been drenched. chief meteorologist rick reichmuth live from the fox news extreme weather center. if you know rick is hanging out, it must be serious. how bad? >> really bad. this is the second batch of storms they have had this month. earlier in month, a lot of areas saw ten plus inchs of rain. now we have had another series of storms last week where we have seen ten plus inches of rain. the ground is saturated. this storm is windy. windy conditions across colorado, spreading across the intermountain west. the ground is saturated, if you take that wind and we will see more trees goin
we are in a deficit situation, as people have been discussing the past several weeks so there are potential in congress for the house and senate members. >> eric: billions of dollars. of taxpayers money that goes to the u.n. ambassador bolton, thank you for your insight. >> guest: thank you, eric. >> jamie: a fox news extreme weather alert. flood in effect for the west coast. yet another storm is approaching. folks are preparing for worst. severe weather threatening to bring...
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>> we have had 17 debt and deficit commissions since 1982 and listened to the experts every time. the national debt went from $1 trillion to $16 trillion. congress does not cut spending. they have been saying for a long time we need a balanced approach. the experts say we need a balanced approach. the so-called fiscal cliff is the most valid approach out of congress and now they don't want to do it. >> what happens if we do go over this cliff, aaron? our credit rating, what it means for those incentives and for the cuts that kick in automatically, what does this mean for us because it is not good by any means. >> see, it is a cliff -- >> you think it's a false deadline. >> i absolutely do. i think that suddenly markets will not crash, the bottom will not fall out. the world will not end. what will happen is that it will force members of congress to kick the can down the road to actually deal with those things. >> eric, thank you. many believe hitting the fiscal cliff will throw the country back into a recession. either way, we'll have eric erickson back after this plays out to see
>> we have had 17 debt and deficit commissions since 1982 and listened to the experts every time. the national debt went from $1 trillion to $16 trillion. congress does not cut spending. they have been saying for a long time we need a balanced approach. the experts say we need a balanced approach. the so-called fiscal cliff is the most valid approach out of congress and now they don't want to do it. >> what happens if we do go over this cliff, aaron? our credit rating, what it means...
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they want to agree if they can bring down the deficit in terms of bringing more taxes in terms of revenue or cutting spending. and the third leg of that is something we don't know. how can we make the economy grow, if the economy grows faster, then we don't need to cut as much and we don't need as much revenue. the growth of the economy is in a way the fuzziest of all these things, because you don't know how fast, you can have estimates, you do have, the birth in the hand is you know you can bring in more revenue if you raise taxes on the wealthiest americans. you know you can save money if you cut entitlements. the question is how far do we want to go down the road of solving the problem. some people may say, we don't have to get all the way, as long as we make progress and we show to americans that you guys are in good hands with us, because at least we're going in the right direction, right now we can't even say that. >> right, so really that's what the wild card is, and what's so interesting, is you know, all of these things have a price tag. you raise taxes on the top 2%. you get x b
they want to agree if they can bring down the deficit in terms of bringing more taxes in terms of revenue or cutting spending. and the third leg of that is something we don't know. how can we make the economy grow, if the economy grows faster, then we don't need to cut as much and we don't need as much revenue. the growth of the economy is in a way the fuzziest of all these things, because you don't know how fast, you can have estimates, you do have, the birth in the hand is you know you can...
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president proposing for tackling the real economic challenge we have here, the real driver of budget deficits, the real threat to american economics, superiority in this world, out of control-- the president of the united states, the president for four yea years, no credible plan for tackling that spending. >> dave: there's been nothing put on paper when it comes to entitlements from the president one thing he's been afraid to do. now he's been reelected don't be afraid to face the voters. tack tackle entitlement and changes to survive. >> alisyn: isn't that the beauty of the second term. incumbency you're no longer bo ho holden to anyone. >> and that 1.6 trillion dollar. before 800 billion and now it's 1.6 trillion. maybe that's the second term speaking. >> alisyn: let's talk about what's going on with the christmas tree. as you know, it's christmas season and that means that there will be incidents where the p.c. police are out in force, checking and calling your tree, a holiday tree or a christmas tree and this has. this is brewing in massachusetts because the mayor of a small town, well,
president proposing for tackling the real economic challenge we have here, the real driver of budget deficits, the real threat to american economics, superiority in this world, out of control-- the president of the united states, the president for four yea years, no credible plan for tackling that spending. >> dave: there's been nothing put on paper when it comes to entitlements from the president one thing he's been afraid to do. now he's been reelected don't be afraid to face the...